☕️Waxman-ing Lyrical

Good morning.

Alan Waxman, CEO of investment firm Sixth Street, told the WSJ that publicly traded rivals including Apollo and Blackstone have reoriented their credit businesses to reap from insurance companies and individual investors. Therefore, money flows in and must be put to work quickly, whether or not the investment opportunity is ripe.

Waxman protested that “these firms are turning private credit from a bespoke type of investing with relatively high returns into a commoditised, lower-returning business.”

Perhaps it is a fair frustration, or, perhaps Waxman (who reportedly created one of the first private-lending businesses while at Goldman Sachs in 2000) is suffering from what could be otherwise described as a ‘god complex’ and thinks that his ‘private credit’ formula is so special as to overrule the fundamental mechanics of capitalism.

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Market movers

Reece Group shares tanked Friday after the company forecast a sharp full-year earnings drop, blaming ongoing weakness in the housing markets of Australia, New Zealand and the US.

The quick sync

• CBA’s record-breaking run is giving the ASX a sugar hit, but active fundies warn the unsustainable rally is causing serious heartburn. (Capital Brief)

• Bloomberg throws open the AI gates, urging reporters to tap third-party tools like ChatGPT for their journalism while rivals play it safe with tighter controls. (Capital Brief)

• Australia squeezes more unicorns from every VC dollar than anyone else, but a shortage of local seed funding could mean this golden run is just getting started (or about to stall). (Capital Brief)

• Jim Chalmers opens his economic reform roundtable to key voices but leaves out the tech sector. (Capital Brief)

• After shutting down in Australia, Eucalyptus strips back its pricey Compound men’s health program for a UK reboot, as it eyes a 2026 return Down Under. (Capital Brief)

Trading floor

M&A

• James Liang sells 24-7 Healthcare to IFM for $100m+ in quick exit. (AFR)

• ASIC probes vote error on rejected $402m PointsBet takeover. (AFR)

• Goldman Sachs tops 2025 ANZ deal rankings with $97.1bn in M&A, led by Santos and AirTrunk deals. (The Australian)

• Alinta considers EnergyAustralia merger, raising $10bn deal and competition concerns. (AFR)

• Nvidia insiders sell US$1b+ in shares as AI boom lifts stock with Huang’s sales tied to a pre-arranged trading plan. (Capital Brief)(FT)

• Escalante makes final $3.2b bid to buy out VGW minority shareholders. (AFR)

• Healthscope sale delayed to July–September; PE and not-for-profit buyers circle, but long-term owners preferred. (The Australian)

• Alceon buys 49% of $150m TVH, investing $30m for growth and acquisitions. (AFR)

Capital Markets

• EOFY property data in focus ahead of RBA’s July rate decision. (Capital Brief)

• Cbus chairman Wayne Swan urges super cap at 12%, shifts focus to retirement wealth management. (AFR)

• Bloomberg embraces ChatGPT to aid journalists in research and publishing tasks. (Capital Brief)

• BayWa exits $750m+ Aussie renewables arm to cut debt, seeks banks. (AFR)

• CBA’s soaring stock fuels ASX gains but frustrates underweight fund managers. (Capital Brief)

• JPMorgan tops Australia’s ECM rankings for FY2025 with $2.8bn in deals as market activity rebounds 20.6%. (The Australian)

• Australia’s largest super funds are shifting gears from buy-and-hold to active capital recycling, selling major infrastructure and private assets as they chase stronger returns. (AFR)

• Labor warns the country’s three listed pathology companies of an ACCC probe if they hike test fees in response to funding cuts. (AFR)

VC

• Australia leads in unicorns per VC dollar, but lacks early-stage capital. (Capital Brief)

People moves

• Anchorage hires Wesfarmers Health exec George Wroe for investment team. (AFR)

• Centuria’s Jesse Curtis to lead troubled Elanor amid recap talks with Sim Lian. (The Australian)

• As insider trading allegations swirl, Catalyst’s private star trader Deepan Pavendranathan surprises the market by hiring lobbyist Michael Photio. (AFR)

The watercooler